Virgin Money has signed a strategic alliance with Tower Australia, a provider of life insurance, risk, superannuation and retirement solutions, to launch a new life insurance product in early 2011.
Virgin claims that the introduction of new life insurance product represents expansion of its current insurance portfolio, and another step towards its aspirations to offer a range of financial services products in Australia.
Under the alliance, Virgin will lend its brand to product development, customer service and marketing expertise, while Tower Australia will manufacture life insurance products and provide ongoing infrastructure to manage all policies.
Virgin Money Australia managing director Matt Baxby said that by combining Tower’s reputation and infrastructure with the company’s brand, it can deliver an efficient life insurance product that people expects from it.